U.S. Stocks Fall as Best Buy, Citigroup Drop Amid Results
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U.S. stocks fell, after the Standard & Poor’s 500 Index closed at a record yesterday, as Best Buy Co. tumbled and earnings at companies from Citigroup Inc. to CSX Corp. disappointed investors.
Best Buy slumped 29 percent after reporting a drop in U.S. same-store sales during the holiday shopping season. Citigroup and Goldman Sachs Group Inc. led declines among banks after releasing fourth-quarter results. CSX dropped 6.8 percent as profit missed analysts’ forecasts for the first time in two years. Intel Corp. slid 2.6 percent in extended trading after forecasting sales that may fall short of some estimates.